ROSEMONT, IL-The private new owner of 180,000-square-foot officebuilding 6400 Shafer Ct. here has hired ACG Management to lease outthe property, located at the intersection of Higgins Road andInterstate 294. The management firm had also represented both thebuyer and seller TSLF Shafer LLC when the seven-story buildingtraded hands for $11.5 million in April.

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Paul Muessig with ACG says the seller was the lender that hadtaken back the deed to the 63%-occupied property. The previousowner had bought the building for more than $21 million, Muessigtells GlobeSt.com. “Because of the way this traded at a good price,the operator doesn’t need to get as high of rent as other buildingsin the area,” he says. His company also negotiated privatefinancing for the buyer, which included two tiers ofseller-provided debt. James Webber with ACG represented the buyerin the transaction.

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The building was built in 1979, and had a major rehabilitationin 1990. The lead tenant is Cap Gemini, an information technologyconsulting firm, with the other eight tenants including Mutual ofOmaha, AHI International, Seasons Healthcare Management andInternational Housewares Association. The asking rent is $22 persquare foot.

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It’s no secret that the Chicago suburban office market hassuffered greatly in the past two years, and this O’Hare market isno exception, Webber says. The O’Hare office market is at almost25% vacant, according to a Grubb & Ellis first quarter marketreport. “We’re hopeful that it will pick up,” Webber says. “Therewas a significant interest in this building, which does end up onboth the class A and class B tours, it tends to play in bothsectors.” He said there’s no planned improvements other thanregular maintenance.

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